Here are the Top 7 Reasons on Why You Should Buy Personal Accident Insurance

Any type of insurance is usually a good idea. But, out of all the insurance options available, which ones are best for you? This is a topic that is best answered by considering your needs as well as your financial goals. However, several types of insurance are required for everyone. Health insurance, critical illness insurance, and personal accident insurance are examples of these.

accident-insurance

A personal accident insurance policy protects you against the financial and medical costs connected with incapacity or death as a result of an accident. We’ve listed a few reasons why you should get accident health insurance:

1. Accidental Death Benefits

The principal advantage of an accidental death insurance policy is the death payout it provides. In the tragic event that the policyholder dies as a result of an accident, a personal accident policy guarantees a lump sum to the dead person’s family or beneficiaries. This can relieve a significant financial load.

2. Major hospital and other expense benefits

Of course, this coverage covers hospital fees and medical treatment. However, it also covers additional expenses. These include repatriation fees, funeral costs in the event of the policyholder’s death, and ambulance fees.

3. Permanent Disability Benefits

You are aware that these insurance policies provide a death benefit. However, not all accidents result in death. Victims are frequently paralysed or suffer from various infirmities that leave them completely incapable of leading normal lives. Personal accident insurance provides a predetermined lump payment in the event of permanent impairments, based on the severity of the case. As a result, the survivor benefits from having this insurance.

4. Child Education Benefits

In the event of death or permanent disability, the personal accident insurance policy will pay either 10% of the entire sum assured or Rs. 5000 per child under the age of 19 years (whichever is less) to ensure your child’s education is not jeopardized.

5. Cost-Effective Policy

Personal accident insurance has a modest and inexpensive cost. It provides a daily payment to the patient as a financial respite while he or she is having treatment at the hospital. According to the policy, post-accident ambulance fees are also covered.

6. Family Security

Family is important to all of us, and we are all concerned about the financial security of our loved ones. As a result, this insurance protects our family members in the form of compensation or pays all expenses involved in treating the wounded or disabled as a result of an accident.

7. Easy claim settlement

The claim payment procedure is completed within a week after the firm is notified of the claim and the facts of the accident, such as the time and date of the accident, as well as the personal accident insurance policy number and the insured person’s data. This saves your time rushing around after them.

Certain exclusions apply in addition to the advantages indicated above. Any pre-existing injury or impairment, self-inflicted harm such as suicide, war or terrorism-related injuries, or injuries resulting from any adventurous activity are not covered under the insurance. However, when all is said and done, a personal accident insurance plan may assist to offer a financial cushion in times of uncertainty, which is especially important considering the frenetic pace of our lives.

Author Bio:

Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.


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